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Wednesday, June 9, 2010

Gold Down on Profit-Taking

Gold futures in the US are falling today as the usual practice of taking profits after gold prices reach a new high continue on.

When gold prices go up, that usually means traders and speculators are losing somewhere else as well, and that causes them to sell some of their gold positions in order to cover losses.

On Tuesday gold hit its all-time high of $1,250 an ounce, generating the sell-off today.

The range for gold today has been from $1,227.90 an ounce to $1,242.60 an ounce so far.

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